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Forex Session Times Reference 2026

All 4 major sessions · GMT, EST, UTC · Best pairs · Overlap windows · DST adjustments

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The Four Major Sessions

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London Session

08:00 – 17:00 GMT

03:00 – 12:00 EST

Highest volume globally

Best pairs: EURUSD, GBPUSD, EURGBP, GBPJPY, GBPCHF
Avg daily range: 80–120 pips (EURUSD)

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New York Session

13:00 – 22:00 GMT

08:00 – 17:00 EST

Second highest — US economic data

Best pairs: EURUSD, GBPUSD, USDCAD, USDJPY, XAUUSD
Avg daily range: 70–110 pips (EURUSD)

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Tokyo Session

00:00 – 09:00 GMT

19:00 – 04:00 EST

Medium volume — JPY pairs active

Best pairs: USDJPY, EURJPY, GBPJPY, AUDJPY, NZDJPY
Avg daily range: 40–70 pips (USDJPY)

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Sydney Session

22:00 – 07:00 GMT

17:00 – 02:00 EST

Lowest volume — range-bound

Best pairs: AUDUSD, NZDUSD, AUDJPY, AUDNZD
Avg daily range: 30–60 pips (AUDUSD)

Session Overlap Windows — Highest Volatility Periods

London–New York Overlap: 13:00–17:00 GMT (08:00–12:00 EST)

The most liquid 4-hour window in forex. Both the world's two largest financial centers are simultaneously active. EURUSD, GBPUSD, and XAUUSD see their highest daily volume and largest pip moves during this window. Most major economic releases (NFP, CPI, FOMC) fall within or just before this overlap. If you only trade one window, this is the one.

Tokyo–London Overlap: 08:00–09:00 GMT (03:00–04:00 EST)

Only 1 hour — but often produces sharp moves as London opens against accumulated Asian positions. GBPJPY and EURJPY particularly active. This is when London "takes out" Asian session liquidity. ICT practitioners call this the London Kill Zone.

Best Pairs by Session — Spread & Volatility Matrix

Pair	Sydney	Tokyo	London	New York	Overlap	Typical Spread
EURUSD	Poor	Low	Excellent	Excellent	Best	0.5–1 pip
GBPUSD	Poor	Low	Excellent	Very good	Best	0.8–1.5 pip
USDJPY	Low	Excellent	Good	Very good	Good	0.5–1 pip
GBPJPY	Avoid	Medium	Very good	Good	Very good	2–4 pips
AUDUSD	Good	Good	Medium	Low	Low	0.8–1.5 pip
USDCAD	Poor	Poor	Medium	Excellent	Very good	1–2 pips
USDCHF	Poor	Low	Very good	Good	Good	1–2 pips
NZDUSD	Good	Medium	Low	Low	Low	1.5–3 pips
XAUUSD	Poor	Medium	Very good	Excellent	Best	20–40 pips
EURJPY	Poor	Very good	Good	Medium	Good	1.5–2.5 pips

Key Economic Releases by Session

Release	Typical Time (GMT)	Session	Pairs Most Affected	Impact
NFP (US Non-Farm Payrolls)	13:30 GMT (1st Fri of month)	NY open	EURUSD, GBPUSD, USDJPY, XAUUSD	★★★★★
US CPI	13:30 GMT (monthly)	NY open	EURUSD, GBPUSD, XAUUSD	★★★★★
FOMC Rate Decision	19:00 GMT (8x/year)	NY mid	All USD pairs, XAUUSD	★★★★★
BoE Rate Decision	12:00 GMT	London	GBPUSD, GBPJPY, EURGBP	★★★★
ECB Rate Decision	13:15 GMT	London/NY	EURUSD, EURGBP, EURJPY	★★★★
US GDP	13:30 GMT (quarterly)	NY open	EURUSD, GBPUSD, XAUUSD	★★★★
UK CPI	07:00 GMT	London open	GBPUSD, EURGBP, GBPJPY	★★★
BoJ Policy Decision	Varies (early Asian)	Tokyo	USDJPY, GBPJPY, EURJPY	★★★
AU Employment	01:30 GMT (monthly)	Sydney/Tokyo	AUDUSD, AUDJPY	★★★

Daylight Saving Time (DST) note: The US and UK don't always change clocks on the same date. During the brief mismatch windows (typically 2–3 weeks in March and November), session times shift by 1 hour relative to the GMT times above. Always verify with a forex market hours clock during DST transition weeks. The EST times above are standard time; during EDT (summer), add 1 hour.